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Ohio Teamsters Pull $14 Million Out of KeyBank

Cite KeyCorp Support of Workers' Rights Violations

WASHINGTON, March 16 /PRNewswire-USNewswire/ -- Ohio Teamsters transferred about $14 million in assets out of KeyCorp (NYSE: KEY) last week after the Cleveland-based bank failed to take action to support workers' rights. KeyBank and its parent company, KeyCorp, are the primary lender to Oak Harbor Freight Lines, based in Auburn, Washington, where more than 550 workers and their families are fighting to protect their standard of living and to save Oak Harbor retirees' health care.

"We won't stand by while KeyCorp finances a company that is waging war against our fellow brothers and sisters," said Gary Tiboni, President of Teamsters Joint Council 41 in Cleveland. "If KeyCorp wants our business, it needs to stop supporting workers' rights abuses."

Oak Harbor employees in Oregon, Washington, and Idaho have tried to negotiate a new contract with Oak Harbor since August 2007. Oak Harbor's most recent proposal would permanently freeze pay for newly hired clerical staff, allow the company to arbitrarily fire clerical staff, permanently deny new warehouse workers access to health and welfare benefits, eliminate paid sick leave, and shift much more of the cost of health care onto employees. Oak Harbor's latest offer also would freeze workers' pensions and eliminate health care coverage for retirees who had previously been promised coverage.

On February 24, Oak Harbor workers ended a 157-day unfair labor practice strike aimed at stopping the company from violating federal labor laws and bargaining in bad faith. After returning to work, Oak Harbor's owners illegally eliminated returning workers' health care and pension plans and switched employees to a substandard health care plan. The company also suspended 13 union supporters.

The latest unlawful move by Oak Harbor could incite a new strike just as the company is attempting to recover from widespread service disruptions created by the most recent strike.

"We truly appreciate the support of our brothers and sisters in Ohio," said Teamsters International Vice President Al Hobart. "I expect more unions to begin withdrawing funds from KeyCorp in the coming weeks and months as they learn more about the workers' rights violations KeyCorp is supporting."

The International Brotherhood of Teamsters was founded in 1903 and represents more than 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.

SOURCE International Brotherhood of Teamsters

RELATED LINKS
http://www.teamster.org